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- Petrobras (PBR -6%) shares have surrendered nearly a month's worth of gains, with today's tumble sparked by concerns over Brazil's fiscal trajectory as President Jair Bolsonaro seems poised to pass out more aid ahead of next year's election.
- Bolsonaro said today that his government would pay 400 reais/month (~$70) to 750K truckers until the end of next year to offset higher diesel prices.
- Brazil's Economy Minister says the government is considering a 30B reais ($5.3B) waiver to the country's constitutional spending ceiling.
- The Brazilian real fell more than 2% against the U.S. dollar, and the Ibovespa index plunged 3.7% to lead the day's losses among the world's primary stock market indexes.
- ETFs: EWZ, ILF, BRF, EWZS, FBZ
- Petrobras warned this week that it would be unable to meet unusually heavy demand from fuel distributors.